Copper slips

Melbourne

London copper edged lower on Wednesday after credit ratings agency Moody´s downgraded China due to its massive debt, with muted trade expected ahead of minutes of a Federal Reserve meeting later in the session.

London Metal Exchange copper was down 0.4 percent at $5,690 a tonne, as of 0204 GMT, after closing slightly higher in the previous session.

Prices have fallen from near two-year peaks above $6,200 in February to a $5,480-$5,720 range since early May after the rally sparked a flood of scrap supply.

Shanghai Futures Exchange copper edged down as much as 0.2 percent to 45,870 yuan ($6,654.58) a tonne.

Moody´s cited the growing leverage in China for the downgrade, and warned about slowing economic growth.

China´s massive debt been at the centre of concerns among economists and Beijing in recent months, and has roiled global financial markets since late last year.